Bitcoin whales stack coins while ETF investors dump millions daily
Glassnode's seven-day observations through November 9 show narrow accumulation, while completed ETF sessions through November 10 still record withdrawals. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Bitcoin's latest accumulation signal is concentrated in two large-wallet groups, while US spot Bitcoin exchange-traded funds (ETFs) continue to record withdrawals.
In its Nov. 11 report, on-chain analytics firm Glassnode identified accumulation in the 100-1,000 BTC and 1,000-10,000 BTC cohorts over the seven-day period through Nov. 9.
These cohorts, grouped by the amount of Bitcoin held, both recorded scores above 0.5. The analytics firm said every other wallet-size cohort was still reducing aggregate holdings, including the largest group above 10,000 BTC and the smallest below 1 BTC.
The newer ETF figures extend that picture through Nov. 10, when the funds recorded net withdrawals of $95 million, according to Farside Investors.
Glassnode said both had spent much of October distributing before returning to accumulation. Their behavior suggests some large holders are adding to their balances, even as participation elsewhere remains weak.
The report added that the same two cohorts turned to accumulation in late September, but the episode did not persist.
Glassnode's seven-day metric weights entity Bitcoin balance size and balance changes over the observation window, excluding exchange and miner entities.